Reuters :
Sumitomo Mitsui Financial Group’s (8316.T), opens new tab CEO said the firm may make more than 1.2 trillion yen ($7.65 billion) net profit in the year from next April, as a resurgent Japanese banking sector cashes in on efforts to diversify income sources abroad alongside interest rate normalisation.
The forecast exceeds its previous record target of 1.16 trillion yen for this year, even as higher interest rates in Japan and the mass offload of cross-shareholdings have bolstered the current year’s results.
“If we do as we have been, we should exceed 1.2 trillion next year,” SMFG Chief Executive Officer Toru Nakashima told Reuters in an interview.
